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presentation

5 Strategies to Improve Revenue of your Medical Practice

March 16, 2015



The business of medical practitioners is in jeopardy given the growing healthcare expenses, complexities of filing insurance claims in the wake of constantly ongoing healthcare reforms. This has roused the need for them to consider and implement revenue building strategies.

  1. Harnessing Existing / New Technological Advances:
    Most small scale practitioners should focus on the choice of billing vendor to partner with. The vendor should be well versed with the financial and clinical aspects of the healthcare business on the whole and the individual proposition of the client’s practice. The automation of billing process calls for some investments in the health IT infrastructure and skilled resources; many providers are opting for outsourcing their billing. It has not only enhanced their financial performance but helped in reducing their expenses too.
    Technology makes things easier in a medical setup and the alignment of various diagnostic devices like scale monitors, BP machines, eye-checkup devices, etc. in such manner that there is a direct connection to the electronic health record (EHR) interfaces. This ensures proofing the human error.
  2. Data Based Marketing:
    Statistics state that at least one to three percent of a practitioner’s revenue should be set aside for marketing investments. Marketing is inclusive of retaining the existing patients and acquiring new ones. A dedicated and well trained PR executive equipped with a semi or fully automated mailing system will contribute to the repetitive tasks like patient follow-ups, post treatment inquiries from patients, schedule important mailers, payment reminders, initiate additional services like support groups, etc. can help in acquiring new clients and retaining old ones.
  3. Direct Revenue Growth:
    Practitioners are losing out on the revenue because they are unable to cover the growing expenses. A prescription refill process policy about charging of prescription, chronic patient follow up can help cover the fax, paper costs, and the time invested behind these tasks. The staff or attendant who handles the appointment schedule needs to be trained with regards to the development and implementation of the scheduling policy. The training should be dedicated to handling double booking of patients, cancellation, no show fees, balancing the schedule of capitation, and fee-per-service patients. This can help offset and add to the practice revenue. Educating the patients about their financial responsibility, and encouraging in-house collections can be another addition to the revenue.
  4. Consider In-house Solutions Vs. Outsourcing:
    As we have seen already, automation accompanies certain investments and constant upgrades to cope up with the emerging compliance regulations, and to cope up with this outsourcing the medical billing and coding practices proves to be a better financial option, so that practitioners can focus only on healthcare.
  5. In-office Sales:
    As per Mr. Bill Janis, Regional Sales Director of Modern Medicine medical healthcare network, they can add $40,000 to $200,000 per annum to the revenue by dispensing in-office prescription drugs, cosmetics, etc. So as to increase the revenue, a medical practice should start offering in-house products for sale to the patients, lease, rent out, or provide additional services like spot-deliver of medicines by pharmacists by getting into contracts with them.

As per Mr. Bill Janis, Regional Sales Director of Modern Medicine medical healthcare network, they can add $40,000 to $200,000 per annum to the revenue by dispensing in-office prescription drugs, cosmetics, etc. So as to increase the revenue, a medical practice should start offering in-house products for sale to the patients, lease, rent out, or provide additional services like spot-deliver of medicines by pharmacists by getting into contracts with them.

 

Category : Revenue Cycle Management